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This is a watershed moment for conservatives. All around the country, markets groups are holding meetings saying: "this bailout is not what we meant."

Wall Streeters and libertarians are separating. We are always alleging that Wall Street people and markets people are the same. If you ever wanted to see the difference, look now. The real free marketeers are appalled at the Goldman-ization of the economy. Check out Cato, or Reason.

There is one condition under which taking more time to write legislation would not be disastrous. It is the condition under which Congress would simultaneously be writing good news too.

Take the last round, much less dramatic. Sarbanes-Oxley represented the pain. But some "gain" was offered as well in the form of Glenn Hubbard's tax cuts for Wall Street and investors. We need some gain to offer the voters and investors, domestic and international, now.

Never mind the Europeans. This is the moment they've been waiting for. If we make our markets more competitive, IPOs will come back.

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